Triple-Net Retail Building with
For Sale
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450 E 17th Ave, Denver, CO 80203
Triple-net retail building built in 2006, 100% occupied, with deeded parking for the first-floor retail owner.
Property Size10,732 SF
Price / SF$412.78
Days on Market537
Property Features for 450 E 17th Ave
General Information
Standard status
Active
Size
10,732 SF
Total Parking Spaces
33
Property subtype
RETAIL
Occupancy
100%
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
Blue West Capital, LLC
(720) 989-1031
Listed By:
Josh Lorenzen · License #FA.100098769
(720) 821-2520
Source:
Moodyscre
Added: Apr 2, 2025
Changed: Sep 12
Last Checked: Sep 20 at 12:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Blue West Capital, LLC
Investment Insights
Based on property information with market context.
This triple-net retail building was built in 2006 and is currently 100% occupied. The property features multiple service-based tenants under triple-net leases with limited landlord responsibility, including Orangetheory Fitness, which exercised an option to extend early. Rumours Karaoke Cafe is expanding and is now occupying Suites B & D, and Toasts N Roasts recently extended its lease through 2033.
A weighted average lease term of 8.4 years supports ongoing income stability. The building is located at 450 E 17th Ave, Denver, CO 80203, and includes 33 deeded parking spaces for the first-floor retail owner—12 subsurface spaces and 21 spaces in the outdoor parking lot.
All offices have been sold as condos, which is intended to help keep future vacancy low. The tenant leases also include primary term rent increases designed to hedge against inflation.
A weighted average lease term of 8.4 years supports ongoing income stability. The building is located at 450 E 17th Ave, Denver, CO 80203, and includes 33 deeded parking spaces for the first-floor retail owner—12 subsurface spaces and 21 spaces in the outdoor parking lot.
All offices have been sold as condos, which is intended to help keep future vacancy low. The tenant leases also include primary term rent increases designed to hedge against inflation.
Key Highlights
- 100% occupied triple‑net retail building with limited landlord responsibility
- Weighted average lease term of 8.4 years
- Multiple tenant lease extensions and options: Orangetheory Fitness extended early; Toasts N Roasts extended through 2033; Rumours Karaoke Cafe expanding into Suite D
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$146,909
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,938,180
$2.9M
Cap Rate 7%
$2,098,700
$2.1M
Cap Rate 9%
$1,632,322
$1.6M
Market Conditions
NOI Build-Up for 10,732 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$220.2K $20.52/SF
− Vacancy
−$10.4K −$0.96/SF
EGI
$209.9K $19.56/SF
− OpEx
−$63.0K −$5.87/SF
NOI
$146.9K $13.69/SF
Area
Denver, CO
Vacancy
4.70%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,938,180
Cap Rate 7%
$2,098,700
Cap Rate 9%
$1,632,322
Alternative Uses
Best Use
Retail
$2.10M
$1.84M – $2.45M
NOI $146,909 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,147 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,008
Businesses Nearby
217k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 25%
Hotels & Casinos 17%
Groceries 15%
Safeway
Groceries
32,927 visits/mo
0.5 miles
McDonald's
Dining
31,534 visits/mo
0.2 miles
Sheraton Denver Downtown Hotel
Hotels & Casinos
26,787 visits/mo
0.4 miles
Wendy's
Dining
15,486 visits/mo
0.3 miles
Yard House
Dining
12,064 visits/mo
0.4 miles
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Denver, CO
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Frequently Asked Questions
What type of property is this?
Retail space - Triple-net retail building built in 2006, 100% occupied, with deeded parking for the first-floor retail owner.
Where is this retail space located?
The property is located at 450 E 17th Ave Denver, CO.
What is the asking price?
The asking price for this property is $4,430,000.
What are key features of this property?
This property features: 100% occupied triple‑net retail building with limited landlord responsibility; Weighted average lease term of 8.4 years; Multiple tenant lease extensions and options: Orangetheory Fitness extended early; Toasts N Roasts extended through 2033; Rumours Karaoke Cafe expanding into Suite D
